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Underground Sampling Extended at Past-Producing Nevada Mine

Streetwise Reports, Streetwise Reports
0 Comments| November 22, 2019

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The mine developer extends its sampling program to include two historical shafts.


Goldcliff Resource Corp. (GCN:TSX.V) announced in a news release the results from extended sampling at the past producing Lone Star mine at its Nevada Rand project.

Two areas were accessed, mapped and sampled. One was the lower levels of the Nevada Rand shaft. Sampling at the 250-foot level, which contains the most stoped areas, showed continuity of silver and gold mineralization with strong grades.

"Nevada Rand is ideally positioned for re-rating and upside." - Michael Ballanger

Around the former ore chutes in the southeast extension of the mine, a rock chip sample returned 491 grams per ton (491 g/t) silver and 5.6 g/t gold. A grab sample demonstrated 208 g/t silver and 5.29 g/t gold.

The locations of the raises and stopes at the 250-foot level relative to strike and mined areas suggest potential for new mineralization to the southeast, both updip and down dip, the company noted.

The second area investigated was the upper levels of the Number 2, or middle, shaft at the Lone Star mine. Drifting on the 135-foot level was sampled, and results are pending.

The lack of stoping despite the presence of mineralization suggests the area was not economical to mine back in the early 1900s. However, "this presents an opportunity on the Nevada Rand property to develop this mineralization as it may be of economic interest at today's metal prices," the release noted.

From mapping and historical reports, Goldcliff hypothesized that most of the historical ore produced was recovered from the Number 3 shaft, or easternmost mine, which remains untested.

Precious metals expert Michael Ballanger commented on Goldcliff on November 19, "Today's news release from Goldcliff Resource Corp. (GCN.V)(CAD$.115) adds further credence to my newfound thesis that junior explorers that have a mineral resource are infinitely more attractive than "grass roots" explorers. GCN's Nevada Rand Project appears to have potential for additional mineralization both up and down dip to the southeast. Of particular interest is the high-grade values which carry ore value per tonne of around (USD)$535/tonne. The silver component alone carries (USD) $269 per tonne, which is modestly higher than the gold's value. As it is my opinion that silver is about to outperform gold over the next year, Nevada Rand is ideally positioned for re-rating and upside.

Goldcliff is a "mine development company focused on near-term cash flow by applying the phased production business model to precious metals assets."

Goldcliff agreed to acquire the Nevada Rand property this past June.

According to the company, "Goldcliff has the right to purchase a 100% interest in Nevada Rand, from Nevada Select Royalty LLC, a wholly owned subsidiary of Ely Gold Royalty Inc., for payment of $250,000 USD over four years. Goldcliff paid Nevada Select $10,000 USD upon signing of the agreement with a further $15,000 USD to be paid six months from the date of signing. On each of the first, second and third anniversaries of signing, Goldcliff will pay $25,000 USD. A final payment of $150,000 USD will be made on the fourth anniversary and a 100% property interest conveyed to Goldcliff."

1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: Goldcliff Resources and Ely Gold Royalties. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this interview, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Goldcliff, a company mentioned in this article.

Additional Disclosures:
Michael J. Ballanger: I, or members of my immediate household or family, own securities of the following companies mentioned in this article: Goldcliff. My company has a financial relationship with the following companies referred to in this article: None. I determined which companies would be included in this article based on my research and understanding of the sector. Additional disclosures are below.

Michael Ballanger Newsletter Disclaimer:
This letter makes no guarantee or warranty on the accuracy or completeness of the data provided. Nothing contained herein is intended or shall be deemed to be investment advice, implied or otherwise. This letter represents my views and replicates trades that I am making but nothing more than that. Always consult your registered advisor to assist you with your investments. I accept no liability for any loss arising from the use of the data contained on this letter. Options and junior mining stocks contain a high level of risk that may result in the loss of part or all invested capital and therefore are suitable for experienced and professional investors and traders only. One should be familiar with the risks involved in junior mining and options trading and we recommend consulting a financial adviser if you feel you do not understand the risks involved.

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